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Sec 194Q related query
sir my turnover exceeds 10 cr FY 2022-23. My supplier turnover also exceeds 10cr. I am liable to deduct TDS sec 194Q. I am purchase from goods my supplier Mr. X 75 lakhs preceding FY 2022-23. But opening balance on 1st April 2023 Mr X is 8 lakhs . I am again purchase goods Mr. X from current FY till date 22 lakhs. my question is I want to deduct TDS only on 22 lakhs what we have purchased goods this year or including opening balance 8 lakhs Last FY. I am very confusion. pls give me advice my dear experts.
Replies (1)
Opening Credit balance is not purchase for current year.
Your net purchase for the FY is 22 Lakhs as on date.
Once you cross the limit of 50 lakhs, including the 22 lakhs, you need to start deducting TDS u/s. 194Q of the act.
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